Non résident status

This query is : Resolved

Anand Prakash Garg (Querist)
Follow

03 May 2024 I am an NRI since year 1995. Now I have plan to stay in india every year 180 days and balance days in oversees with my son for next three years (Financial year 2024-25 to 2026-27).
This will help me to divert my NRE fixed deposit money to other investment like shares, MF etc and save income tax in my hand.

Will I will be treated as NON RESIDENT ?
Is my under standing correct for tax planning.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

04 May 2024 You will be considered NRI only for two next year, and Resident (RNOR) in third year i.e. for FY 2026-27.

Anand Prakash Garg

Anand Prakash Garg (Querist)
Follow

04 May 2024 Many thanks for reply.
Why will not be considered NRI in FY 2026-27 as I plan to away +182 days of oversees.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

04 May 2024 As per section 6(1) of Income Tax Act, 1961, Residential status is determined on the basis of number of days of stay in India. An individual is said to be resident in India in any previous year, if he satisfies any one of the following conditions:
i. He has been in India during the previous year for a total period of 182 days or more OR
ii. He has been in India during the 4 years immediately preceding the previous year for a total period of 365 days or more and has been in India for at least 60 days in the relevant previous year.
For the FY 2026-27, check second condition. If you have not exceeded 364 days in any preceding four years, you will be NRI; otherwise RNOR.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

07 September 2024 Good Luck.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

THUSHAR MURALI KRISHNA

ACCFIN SOLUTIONS

Vishal Kapadiya

Sagar Khakhiwala

JAYDEEP MITRA

Subscribe Now

Non résident status

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

Senior Executive

GST CONSULTANCY

GST CONSULTANT

CA Final

Manager- Finance and Compliance